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  "documentTitle": "Agrium (AGU)",
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  "authorName": "Barry Rosenstein",
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  "presentationDate": "2013-01-01 00:00:00",
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      "text": "Agrium's Board has, in our view, done little to ensure that shareowners in the company have the information they need to make informed decisions",
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      "text": "While Agrium has begun to improve its Retail disclosure following JANA’s engagement, significant opportunity for improvement remains: Disclosing previously eliminated metrics (working capital and CapEx); Providing organic performance disclosure; Establishing consistent return on invested capital reporting.",
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      "text": "Expanding Retail performance targets beyond EBITDA to include margin and standard distribution metrics would enable the board and investors to track true performance of the business over time",
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      "text": "Adding Retail return on capital and margin metrics to Retail compensation targets would better align incentives with value creation and eliminate incentives for suboptimal M&A and capital allocation",
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      "text": "Agrium's EBITDA targets can be met with acquisitions at any price at all, with no reference to return on capital – Credit Agricole / CLSA, 11/5/12",
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      "text": "Agrium's Board has, in our view, done little to ensure that shareowners in the company have the information they need to make informed decisions – Credit Agricole / CLSA, 11/5/12",
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      "text": "\"Agrium's Board has, in our view, done little to ensure that shareowners in the company have the information they need to make informed decisions\" — Credit Agricole / CLSA, 11/5/12; \"Agrium's EBITDA targets can be met with acquisitions at any price at all, with no reference to return on capital\" — Credit Agricole / CLSA, 11/5/12",
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      "text": "(1) Agrium management comment at Credit Suisse's 2011 Chemical and Ag conference (September 14, 2011) \"If you look at our Retail division over periods of time, we have a return on invested capital of about 15%\", which compares to new financial disclosure that shows a Retail return on capital of 8% for the 12 months ended 9/30/11 (before allocation of any corporate costs, including substantial Landmark related costs reported in corporate) and a return on capital of 9% for domestic Retail.",
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